ASX 200 rises again on Friday

The S&P/ASX 200 Index (ASX:XJO) went up on Friday. Both News Corp (ASX:NWS) and Tabcorp Holdings Limited (ASX:TAH) grew more than 10%.
The post ASX 200 rises again on Friday appeared first on Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) went up again today, it rose by around 0.8% to 6,190 points.

The counting of ballots for the US election still isn’t finished, though it’s nearly over.

Here are some of the highlights from the ASX today:

Tabcorp Holdings Limited (ASX: TAH)

Tabcorp made an announcement to the ASX today, referring to an article in today’s edition of The Australian called “Private equity and Matthew Tripp circle Tabcorp in potential break-up deal for wager giant”.

In response to that article, Tabcorp said it’s not aware of, and has not received, any proposal in respect of the company or its businesses.

Reportedly, Matthew Tripp has been approached by two private equity consortiums in recent weeks. One of those private equity groups wants to buy the entire Tabcorp business for a total value of around $9 billion. The other prospective bidder is interested in Tabcorp’s betting segment, which it values at around $3 billion.

The outfit that’s thinking about buying the entire Tabcorp business is in the advanced stages of planning, and has been looking at Tabcorp for months, including informal talks with Tabcorp executives or representatives.

The Tabcorp share price was one of the best performers in the ASX 200, rising around 16% today.

News Corporation (ASX: NWS)

News Corp released its FY21 first quarter update today.

It said that revenue dropped 10% to US$2.12 billion. However, it generated net income of US$47 million, compared to a net loss of US$211 million in the prior year, which included non-cash impairment charges of US$273 million.

Total segment earnings before interest, tax, depreciation and amortisation (EBITDA) was $268 million, up from $221 million last year.

Reported earnings per share (EPS) was US$0.06, compared to a loss per share of US$0.39 last year. Adjusted EPS was US$0.08, doubling from US$0.04 last year.

The News Corp share price went up around 14%, making it another of the day’s best performers.

Macquarie Group Ltd (ASX: MQG)

Global investment bank Macquarie released its FY21 half-year result today.

It reported that it generated $985 million of net profit which was down 32% on the prior corresponding period and down 23% on the second half of FY20.

Macquarie reported credit and other impairment charges of $447 million, up from $139 million in the first half of FY20, primarily related to a deterioration in the current and expected macroeconomic conditions due to the COVID-19 pandemic.

The ASX 200 investment bank said that 68% of its total income came from international sources.

Macquarie’s assets under management dropped to $556.3 billion, this was down by 7% compared to 31 March 2020.

Management were pleased that its financial position was comfortably higher than regulatory minimum requirements with a bank CET1 capital ratio of 13.5%.

Macquarie declared an interim dividend of $1.35 per share, representing a dividend payout ratio of 50%.

The Macquarie share price went up around 2.3% today.

REA Group Limited (ASX: REA)

The real estate tech business released its FY21 first quarter numbers today.

REA Group said the result was excellent despite COVID-19 impacts. Revenue after broker commissions was down 3% to $195.7 million. Operating expenses reduced by 18% to $71.9 million.

The EBITDA actually rose by 8% to $123.8 million whilst free cashflow declined by 2%.

REA Group said that overall national residential listings declined 2%, largely due to the 44% reduction of listings in Melbourne in the quarter because of COVID-19 restrictions. However, Sydney showed a 23% increase in listing.

For October, national residential listings were down 1% with increases in Melbourne and Sydney of 14% and 2% respectively, offset by declines in other markets.

There wasn’t much movement from the ASX 200 share, the REA Group share price fell 0.5% today. 

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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